An appraisal report is a document that provides an estimate of the market value of a property. It is typically required by lenders when a borrower is applying for a mortgage. The appraisal report is used to ensure that the lender is not lending more money than the property is worth. The appraisal report is prepared by a qualified appraiser, who will inspect the property and gather information about the local real estate market.
Context: Identifying the document.
“Uniform Residential Appraisal Report” header for Single Family Residences (SFR)
“Individual Condominium Unit Appraisal Report” header for Condominiums
“Manufactured Home Appraisal Report” header for Manufactured Homes
In the Subject section—
Key takeaways: Important information.
Property address
Borrower(s) name(s)
Owner of Public Record
PUD checkbox
HOA monthly fees
In the Reconciliation section—
Key takeaways: Important information.
Appraisal made “as is” or “subject to” checkboxes
Appraised value
Notes on the appraisal report:
If the appraisal is made “subject to” any conditions, it must be immediately reported to the LO and Processor.
If the appraised value is lower than the purchase price, it must be immediately reported to the LO and Processor.
